Knowledge City widens H1 2022 losses to SAR 15.4 mln; Q2 loss at SAR 8.6 mln

23/08/2022 Argaam Exclusive

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Knowledge Economic City (KEC) widened H1 2022 net losses to SAR 15.4 million, from SAR 71,000 in the year-earlier period.

 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 32.02 29.42 (8.1 %)
Gross Income 8.60 9.39 9.2 %
Operating Income (12.46) (17.94) (44.0 %)
Net Income (0.07) (15.37) (21,244.0 %)
Average Shares 339.30 339.30 -
Earnings Per Share before unusual items (Riyals) (0.05) (0.05) 1.3 %
EPS (Riyal) 0.00 (0.05) (21,244.0 %)

This was triggered by higher other income in Q2 2021, resulting from SAR 15.5 million in revenue from liquidating a contractor’s letter of guarantee. In addition, Q2 2022 was also impacted with the expenses pertaining to the ongoing projects.

 

KEC swung to SAR 8.6 in net losses in Q2 2022 from SAR 4.69 million in net profit in a year-earlier period.

 

On a sequential basis, net losses deepened by 28.4% from SAR 6.73 million in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 7.39 13.69 85.4 %
Gross Income 2.03 4.51 122.6 %
Operating Income (9.18) (10.28) (12.0 %)
Net Income 4.69 (8.64) (284.4 %)
Average Shares 339.30 339.30 -
Earnings Per Share before unusual items (Riyal) (0.03) (0.03) 20.1 %
EPS (Riyal) 0.01 (0.03) (284.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 3.060 billion by the end of H1 2022, compared to SAR 3.098 billion in the year-earlier period.

 

Accumulated losses reached SAR 332.246 million by the end of H1 2022, or 9.79% of capital.

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Share Price

Knowledge Economic City
12.61
(0.13) (1.02 %)

Knowledge Economic City (KEC)

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Financial Ratios
Current
Market Cap (M Riyal) 4,278.58
Enterprise Value (EV) (M Riyal) 6,068.31
Shares Outstanding ((M)) 339.30
EPS ( Riyal) (TTM) (0.11)
Book Value (BV) ( Riyal) 8.63
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 1.46
Return on Average Assets (%) (TTM) (0.79 )
Return on Average Equity (%) (TTM) (1.26 )
EV/adj EBITDA (313.01)
EV/Revenues 23.33
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